Gestamp Renewables and KKR work together to accelerate 
 the growth of this leading global solar PV developer and operator

Madrid / London, July 21, 2015. KKR a leading global investor, has reached a definitive
agreement to acquire from Gestamp Renewables an 80% stake in Gestamp Asetym Solar, S.L.
(“Gestamp Solar”), a premier global solar PV developer and operator. The investment is funded
by KKR Global Infrastructure Investors II, a $3.1 billion global fund.
The transaction, values Gestamp Solar at a total enterprise value of around $1 billion. Both
partners have committed to fully support Gestamp Solar´s ambitious strategic plan to have in
operation up to 2.5GW of installed capacity by 2020.
Gestamp Solar, founded in 2005, has rapidly grown into a globally recognized player in the PV
space. Today, the business is present in 18 countries and has 300 MW of PV projects in operation
or in construction, with a further 2.2 GW of PV projects in development.
“We feel that this alliance between a well-established industrial group like Corporación Gestamp
and a leading global investor like KKR creates a winning formula for our respective companies,”
said Jon Riberas, President of Gestamp Renewables. “We are very happy to announce this
transaction which provides a solid platform to ensure the continuing success of our solar business.
Meanwhile, we continue to evaluate our options for Gestamp Wind.”
Jesús Olmos, Member and Head of European Infrastructure at KKR, commented, “This is an
attractive time to invest in a leading owner and developer of solar PV plants. The Company has a
highly experienced and entrepreneurial management team, an outstanding track record of
developing and constructing its own assets, and an attractive advanced portfolio of development
projects. We are excited to work with Corporación Gestamp in the further development of the
Company. This investment adds to our strong belief and track record of investing in renewable
energy. Gestamp Solar will be a key platform for KKR, developing utility scale solar PV on a
global leveland offers the opportunity to own development capabilities in solar PV
complementary to our presence in operational wind and solar assets worldwide through our
partnership with Acciona and KKR investments in the US and Canada.”
Marc Lipschultz, Global Head of Energy and Infrastructure at KKR said, “Corporación Gestamp
is another example of how KKR can bring capital and capability to meet the vast demands for
infrastructure development around the world. KKR continues to actively invest across a broad
spectrum of infrastructure from energy to telecom to water to transportation to meet critical needs
and public policy objectives.”
“We are delighted to count on KKR as investment partner in this exciting time of rapid growth in
the renewable energies sector,” said Jorge Barredo, CEO of Gestamp Solar. “We believe that
KKR is the right firm to open an exciting new chapter in Gestamp Solar’s successful history. We
look forward to capturing the enormous potential of the solar PV market together.”


In this transaction, Bank of America Merrill Lynch acted as financial advisor to Gestamp Solar.
The closing is expected before the end of 2015, subject to regulatory approvals, third party
consents and customary closing conditions.

About Gestamp Solar
Gestamp Solar ( is the photovoltaic solar energy division of Gestamp
Renewables, specialized in the development, construction, operation and maintenance of solar
plants in USA, India, the Middle East, Japan, South Africa, South America, Italy, and Spain. It
has participated in the development of over 600 MW of PV projects to date.
About KKR
KKR is a leading global investment firm that manages investments across multiple asset classes
including private equity, energy, infrastructure, real estate, credit and hedge funds. KKR aims to
generate attractive investment returns by following a patient and disciplined investment approach,
employing world-class people, and driving growth and value creation at the asset level. KKR
invests its own capital alongside its partners' capital and brings opportunities to others through its
capital markets business. References to KKR's investments may include the activities of its
sponsored funds. For additional information about Kohlberg Kravis Roberts & Co. L.P.
(NYSE:KKR), please visit KKR's website at

Gestamp Renewables
Juan Llovet
Tel: +34 91 177 00 10

Victor Mallet
Tel: + 44 (0) 20 7521 3801


Sign up to vote on this title
UsefulNot useful